Designated authority
Section 3 of the Payment and Settlement Systems Act, 2007 deals with designated authority. The Reserve Bank shall be the designated authority for the regulation and supervision of payment systems under this Act. The Act came into force on 12 Aug 2008.
1[3. Designated authority.--(1) The Reserve Bank shall be the designated authority for the regulation and supervision of payment systems under this Act.
(2) The Reserve Bank shall exercise the powers, perform the functions and discharge the duties conferred on it under this Act through a Board to be known as the "Payments Regulatory Board".
(3) The Board shall consist of the following members, namely:--
(a) the Governor of the Reserve Bank-Chairperson, ex officio;
(b) the Deputy Governor of the Reserve Bank in-charge of the Payment and Settlement Systems-Member, ex officio;
(c) one officer of the Reserve Bank to be nominated by the Central Board of the Reserve Bank-Member, ex officio; and
(d) three persons to be nominated by the Central Government-Members.
(4) The powers and functions of the Board referred to in sub-section (2), the time and venue of its meetings, the procedures to be followed in such meetings (including the quorum at such meetings) and other matters incidental thereto shall be such as may be prescribed.]
Section 3, The Payment and Settlement Systems Act, 2007 (Act 51 of 2007).
Cross-references
Extracted from the operative text of the enactments themselves. Every destination below exists in our corpus.
Referred to by 1
Questions about Section 3
What does Section 3 of the Payment and Settlement Systems Act deal with?
Section 3 of the Payment and Settlement Systems Act is headed "Designated authority". [3. Designated authority.--(1) The Reserve Bank shall be the designated authority for the regulation and supervision of payment systems under this Act.
How do I find court cases under Section 3 of the Payment and Settlement Systems Act?
In judgments and charge sheets this section is written several ways, and each form finds a different set of orders. These search the full text of every order eCourtsIndia holds, best matches first: Payment and Settlement Systems Act 3, section 3 Payment and Settlement Systems Act, section 3 of the Payment and Settlement Systems Act. Each opens the full list of orders on eCourtsIndia, where it can be narrowed by court, year and outcome.
What should I read with Section 3 of the Payment and Settlement Systems Act, and has it changed?
1 other provision in this corpus refers back to it.
When did Section 3 of the Payment and Settlement Systems Act come into force?
Section 3 of the Payment and Settlement Systems Act, cited as Payment and Settlement Systems Act 3, came into force on 12 Aug 2008, having been enacted on 20 Dec 2007. It is in force as at the date shown on this page.
Other sections of this Act
Source and method. Compiled from the enactments of Parliament and of the State legislatures as published on India Code, and republished together with commentary and other original matter under section 52(1)(q)(ii) of the Copyright Act, 1957. Structured, cross-referenced and maintained by eCourtsIndia. Text as in force on 20 Oct 2026. This page is not a substitute for legal advice.